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[+] Adding client to insurance policy as Cert. Holder - Kym/NJ (15 replies)
6/9/2011 11:42:07 AM (3145 views)

Banks Say No? Hedge Funds Fill a Void In Lending - Leigh Attridge/MA
6/9/2011 8:54:49 AM (3188 views)

[+] "Selling" SOT at NS3 - CHARLENE  PERRY/MD (2 replies)
6/8/2011 8:10:35 PM (3096 views)

Why won't they talk to me? - Paula Reynolds/FL
6/8/2011 3:29:46 PM (2563 views)

[+] If you owe money ... - Dan Zook/NY (3 replies)
6/8/2011 10:42:51 AM (3097 views)




[+] Essex South ROD Robo Rejection Letter - Leigh Attridge/MA (8 replies)
6/7/2011 1:24:07 PM (3899 views)

[+] Urban Settlement - Catherine Jackson/NC (3 replies)
6/7/2011 7:29:16 AM (2981 views)

[+] Bank of America Gets Pad Locked After Homeowner Forecloses On It - Edward Huguenin/SC (5 replies)
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[+] FOX & SPADER A/K/A FS ENTERPRISES A/K/A RISK MANAGEMENT SOLUTIONS - Paul /FL (2 replies)
6/4/2011 8:15:00 PM (3211 views)

[+] 7 years ??? - monica froese/ME (2 replies)
6/3/2011 7:18:48 PM (3135 views)

Thanks Rob at Watchdog - Nils Nelson/ME
6/2/2011 4:46:51 PM (2542 views)

[-] I don't get it - Nils Nelson/ME (1 reply)
6/2/2011 4:16:10 PM (3148 views)
Re: I don't get it - William Pattison /CA
6/6/2011 11:20:31 PM (3326 views)

These "vendor firms" are a study in how a domestic market pushes back against off-shoring competition, as well as an interesting experiment in modern digital communcation.

I've encountered many problems with them:

1.  Contradictory terms in their service contracts that nobody seems able to fix (the send them out through low level managers who have no authority to modify or negotiate the contract).

2.  Their fixed pricing is too high to compete with $6 in India, but too low to pay a reasonable rate for what they expect of the abstractor, often not paying for county copy costs and asking for 50-year searches for pennies on the dollar.

3.  Many do not understand the distinction between an independent contractor, an employee and ordering a set report product from another business, including the copyright issues that can come with each of those different classifications.

4.  Some of them have taken the same vendor contract and reused it with the company name changed.   The original had spelling and grammar errors, not to mention poorly written terms that are either unenforcable, outside the bounds of good standards and practices for our industry, or simply unintelligible as to their intent.  Some of the provisions put a burden on the abstractor that is harsh;   no payment without a pile of checks with no counter-checks in place for the abstractor's peace of mind.

5.  These contracts create a lowest common denominator for service.  Added bonus materials that I'll put into any report for a client at no added cost in time or money would be omitted from such vendor packages due to the liability in confusion that we've often run into with their sometimes poorly educated staff.  Too much hassle and headache to deal with this sort of drama.

 

I recommend rejecting these vendor proposals, raising  your rates, pounding the pavement harder and over a wider range of geographic territoriy and product offerings and referring people to other abstractors from SOT when a request falls outside your ability.  It's what we do and we are not bound by weird non-compete, non-disclose terms or nonpaying vendor firms. 

Capitalism is marked by competion, not cooperation.

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[+] Comment on "It Sometimes Pays to Check a Map" - Source of Title/OH (2 replies)
6/2/2011 1:07:35 PM (2883 views)

[+] Accurate Group - Sandra Harold/KS (9 replies)
6/2/2011 9:28:47 AM (4196 views)

National Settlement Services & Compliance Summit - CHARLENE  PERRY/MD
6/1/2011 2:54:31 PM (2522 views)


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